Banking Day definition: Copy, customize, and use instantly
Introduction
The term “Banking Day” refers to any day when banks are open for business and are able to process transactions. It is essential in determining timeframes for payments, settlements, and other time-sensitive financial transactions. The concept of “Banking Day” ensures that any obligations or actions that rely on banking operations occur when institutions are operating and available to carry out their functions.
Below are various examples of how "Banking Day" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Banking Day" for transaction purposes
This definition connects "Banking Day" to the context of financial transactions.
"Banking Day" means any day, other than a Saturday or Sunday, on which commercial banks are open for business in the relevant jurisdiction, and are able to process transactions.
Definition of "Banking Day" in relation to settlement timelines
This definition links "Banking Day" to settlement processes.
"Banking Day" refers to any day on which banks in the jurisdiction where the transaction is settled are open and able to carry out settlement procedures, excluding weekends and public holidays.
Definition of "Banking Day" in loan agreements
This definition ties "Banking Day" to loan-related timeframes.
"Banking Day" means any day that is not a Saturday, Sunday, or public holiday in the jurisdiction where the lender is located, and when banks are open for business and available to process loan transactions.
Definition of "Banking Day" in payment schedules
This definition connects "Banking Day" to payment-related timelines.
"Banking Day" refers to a day when banks are open for business and capable of processing financial transactions, excluding weekends and holidays.
Definition of "Banking Day" for interest calculation
This definition links "Banking Day" to interest accrual.
"Banking Day" means any day on which banks are open for business in the relevant jurisdiction, excluding weekends and public holidays, and is used in determining the period for interest calculation.
Definition of "Banking Day" for contract performance deadlines
This definition connects "Banking Day" to performance deadlines.
"Banking Day" refers to any day on which commercial banks are open for business in the relevant jurisdiction, excluding Saturdays, Sundays, and public holidays, and is used to determine deadlines in the performance of contractual obligations.
Definition of "Banking Day" for clearing of payments
This definition ties "Banking Day" to the payment clearing process.
"Banking Day" means any day that is not a Saturday, Sunday, or public holiday, on which banks are open for clearing and processing payments, including credit transfers and debits.
Definition of "Banking Day" in relation to fund transfers
This definition links "Banking Day" to fund transfers.
"Banking Day" refers to a day, excluding weekends and public holidays, on which banks are open for processing transfers of funds between accounts.
Definition of "Banking Day" in securities transactions
This definition connects "Banking Day" to securities trading.
"Banking Day" means any day when banks in the relevant market are open and able to process securities transactions, excluding weekends and public holidays.
Definition of "Banking Day" in commercial contracts
This definition ties "Banking Day" to commercial contract terms.
"Banking Day" refers to any day that is not a weekend or public holiday in the jurisdiction of the contract’s execution, when banks are open for processing financial transactions.
Definition of "Banking Day" for currency exchange
This definition links "Banking Day" to currency exchange transactions.
"Banking Day" means any day, other than a Saturday or Sunday, on which banks are open in the relevant jurisdiction and capable of processing foreign exchange or currency exchange transactions.
Definition of "Banking Day" for interest payments
This definition connects "Banking Day" to interest payments.
"Banking Day" refers to any day when banks are open for business in the relevant jurisdiction, excluding weekends and public holidays, and is used to determine the day on which interest payments are due.
Definition of "Banking Day" in an overdraft facility
This definition ties "Banking Day" to overdraft terms.
"Banking Day" means any day on which banks in the relevant jurisdiction are open and available to process overdraft transactions or adjustments to accounts.
Definition of "Banking Day" for loan repayments
This definition links "Banking Day" to loan repayment schedules.
"Banking Day" refers to any day on which banks are open for business in the relevant jurisdiction, excluding weekends and public holidays, used to determine when loan repayments are due.
Definition of "Banking Day" in an interest-free period
This definition connects "Banking Day" to the calculation of interest-free periods.
"Banking Day" means any day that is not a Saturday, Sunday, or public holiday in the relevant jurisdiction, and on which banks are open to count towards the interest-free period for payments.
Definition of "Banking Day" for payment processing deadlines
This definition ties "Banking Day" to payment deadlines.
"Banking Day" refers to any day when banks in the jurisdiction where the payment is being processed are open, excluding weekends and public holidays, and is used to determine payment processing deadlines.
Definition of "Banking Day" for tax payment purposes
This definition links "Banking Day" to tax payments.
"Banking Day" means any day when commercial banks are open for business in the relevant jurisdiction, excluding public holidays and weekends, and is used for determining the due dates for tax payments.
Definition of "Banking Day" in payment default scenarios
This definition connects "Banking Day" to default scenarios.
"Banking Day" refers to any day, other than a weekend or public holiday, on which banks are open and processing transactions, and is used to determine whether a payment has been made on time in default scenarios.
Definition of "Banking Day" for business day conventions
This definition ties "Banking Day" to business day conventions.
"Banking Day" refers to any day on which banks are open and capable of carrying out business in the relevant jurisdiction, excluding weekends and public holidays, and is used to define business day conventions for contractual purposes.
Definition of "Banking Day" for advance payments
This definition links "Banking Day" to advance payment terms.
"Banking Day" means any day on which banks are open for business in the relevant jurisdiction, excluding weekends and holidays, and is used to determine the earliest date for advance payments to be made.
Definition of "Banking Day" in the context of payment acceptance
This definition connects "Banking Day" to payment acceptance periods.
"Banking Day" refers to any day on which banks are open for business and able to accept payments, excluding weekends and public holidays, used to determine the timing of payment acceptance.
Definition of "Banking Day" in mortgage agreements
This definition ties "Banking Day" to mortgage contract terms.
"Banking Day" means any day when banks are open and available to process payments under a mortgage agreement, excluding weekends and public holidays.
Definition of "Banking Day" for stock exchange settlements
This definition links "Banking Day" to stock exchange settlements.
"Banking Day" refers to any day, excluding weekends and holidays, when stock exchanges are open and banks can process stock exchange settlements.
Definition of "Banking Day" for financial reporting deadlines
This definition connects "Banking Day" to financial reporting.
"Banking Day" means a day when banks are open in the relevant jurisdiction, excluding weekends and public holidays, and is used to calculate deadlines for financial reporting.
Definition of "Banking Day" in a capital markets transaction
This definition ties "Banking Day" to capital markets transactions.
"Banking Day" refers to any day when financial institutions are open and capable of processing capital markets transactions, excluding weekends and public holidays.
Definition of "Banking Day" in a syndicated loan agreement
This definition links "Banking Day" to syndicated loans.
"Banking Day" refers to any day on which the administrative agent or lenders in a syndicated loan agreement are open for business and capable of processing payments or actions under the loan agreement.
Definition of "Banking Day" in an escrow agreement
This definition connects "Banking Day" to escrow arrangements.
"Banking Day" refers to a day when the escrow agent or financial institution managing the escrow account is open for business and can process transactions, excluding weekends and holidays.
Definition of "Banking Day" in a trade finance agreement
This definition ties "Banking Day" to trade finance terms.
"Banking Day" means any day on which banks are open for trade finance transactions, excluding weekends and public holidays, and is used to determine deadlines for completing transactions under a trade finance agreement.
Definition of "Banking Day" in a cross-border payment system
This definition links "Banking Day" to cross-border payments.
"Banking Day" refers to any day when financial institutions in the relevant jurisdictions are open and able to process cross-border payments, excluding weekends and public holidays.
Definition of "Banking Day" in debt refinancing agreements
This definition connects "Banking Day" to debt refinancing transactions.
"Banking Day" refers to any day when banks are open for business in the relevant jurisdictions and able to process transactions related to debt
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.